ICICI Direct has given Hold recommendation for Symphony with a target price of Rs. 975 in its research report issued on Jan 27, 2022
ICICI Direct’s research report on Symphony
Symphony is the world’s largest manufacturer of air coolers with a presence in over 60 countries and provides air cooling products in the residential, industrial and commercial segments. Symphony is the market leader in the air-cooling business with a strong distribution network of ~30,000+ dealers, ~1000+ distributors and ~1000+ authorised service centres across the country • Asset light business model with strong RoE and RoCE of ~20% and ~21%, respectively (average in the past three years).
We maintain our HOLD rating on the stock. We roll over valuation on FY24E and value Symphony at 25x P/E on FY24E EPS with revised target price of Rs 975/share.
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At 17:30 Symphony was quoting at Rs 990.55, down Rs 4.25, or 0.43 percent.
It has touched an intraday high of Rs 1,009.65 and an intraday low of Rs 990.00.
It was trading with volumes of 2,898 shares, compared to its thirty day average of 3,181 shares, a decrease of -8.89 percent.
In the previous trading session, the share closed down 4.92 percent or Rs 51.45 at Rs 994.80.
The share touched its 52-week high Rs 1,529.65 and 52-week low Rs 890.00 on 03 March, 2021 and 11 August, 2021, respectively.
Currently, it is trading 34.92 percent below its 52-week high and 11.85 percent above its 52-week low.
Market capitalisation stands at Rs 6,929.59 crore.